Recently, BioLegend and German pharmaceutical giant Merck announced an antibody evaluation agreement focusing on new applications of antibody-conjugated lipid nanoparticles (Ab-LNP) in nucleic acid drug delivery. Under the agreement, BioLegend will provide fully human antibodies based on its RenMice® platform, while Merck will evaluate the potential of these antibodies in targeted nucleic acid molecule delivery. Upon successful validation, Merck will obtain exclusive rights to the relevant technologies, while BioLegend stands to receive upfront payments, milestone payments, and sales royalties.

This development not only reflects multinational pharmaceutical companies' attention to nucleic acid therapy delivery bottlenecks but also mirrors the strong interest of global biopharmaceutical capital in the "precision delivery" sector.

**Nucleic Acid Drug Growth Creates Delivery Bottleneck**

In recent years, the success of mRNA vaccines has rapidly brought nucleic acid therapies into the mainstream. Whether mRNA, siRNA, or gene editing tools, all demonstrate broad application prospects. However, the bottleneck is equally apparent—how to deliver nucleic acid molecules precisely and safely.

Lipid nanoparticles (LNPs) are currently the most widely used delivery method, already validated in COVID-19 vaccines. According to GMI Insights data, the global LNP market is projected to grow from $1.1 billion in 2025 to $3.5 billion in 2034, representing a compound annual growth rate of 13.3%. However, traditional LNPs primarily accumulate in the liver, limiting effectiveness for "extra-hepatic" indications such as tumors, central nervous system, or cardiac diseases. While increasing dosage can improve distribution, it may trigger immune toxicity and tolerance issues.

This makes "targeting upgrades" an urgent industry need: how to equip LNPs with a navigation system to accurately reach specific tissues?

**Antibody Empowerment: Key Path to Breaking Through the "Liver Fortress"**

Research shows that antibody-modified LNPs have demonstrated breakthrough progress in animal models. For example, anti-TfR1 antibody-conjugated oligonucleotides showed over 15-fold improved delivery efficiency in mouse muscle tissue; after EGFR antibody modification, mRNA expression in placental tissue increased nearly twofold. These results validate Ab-LNP's potential in extra-hepatic delivery.

Capital markets are also rapidly investing in this field. In June 2025, AbbVie acquired Capstan Therapeutics for $2.1 billion, obtaining its in vivo CAR-T core pipeline CPTX2309. This project utilizes CD8-targeted Ab-LNP to deliver CAR mRNA to T cells in vivo, representing the first large-scale clinical application of Ab-LNP.

In oncology, rare diseases, and cell therapy fields, Ab-LNP is considered a potential solution to break through "delivery bottlenecks."

**Platform-based and Modular Approach: Capital Logic of Delivery Technology**

LNP technology is entering a platform-based, modular design phase. New molecular forms such as antibodies, bispecific antibodies, and nanobodies are combining with LNPs to expand delivery dimensions.

BioLegend, with its million-scale fully human antibody library, can rapidly screen antibodies for different targets for partners, validating the feasibility of Ab-LNP strategies. This collaboration with Merck, following their earlier partnerships, marks the third deepening cooperation and signals a new phase for the "antibody × delivery" model.

Meanwhile, AI-powered delivery design is also emerging. Startup company JiTai Technology launched the AiLNP platform, which can rapidly generate customized LNPs based on organ-specific requirements, improving R&D efficiency. This trend transforms LNPs from mere "containers" into "modular platforms" that can be flexibly assembled according to indications.

**Conclusion: Investment Value of New Delivery Paradigms**

The nucleic acid drug market is transitioning from laboratories to large-scale clinical applications, and breakthroughs in delivery systems will determine the depth of commercialization. Antibody-conjugated LNPs represent not only a new direction for scientific exploration but are also viewed by capital markets as the next "high-growth sector."

As multinational pharmaceutical companies continue to increase investments, whoever masters the new "precision delivery" paradigm may gain the initiative in the capital competition of the nucleic acid drug industry over the next decade. The collaboration between BioLegend and Merck epitomizes this trend and signifies that Chinese biotech companies are participating more deeply in the global restructuring of novel drug delivery technology systems.